Who is in Control?

Who is in Control?

We were supposed to go to settlement on Monday, the 23rd of the month.

The week prior to that the Buyer's Agent says that they may need an extension for 2 to 3 days, which possibly would put us at Thursday the 26th.  He states that because the bank just received the appraisal that it delayed the processing of the loan.

For the most part this is not a problem, although the Seller states that if he knew that settlement would be delayed, then he would not have paid people to help him to move.

The lender states that they have everything that they need from the Buyer and in fact that he has loan commitment.

The title company has done its work, except for that portion which requires the loan package from the lender.

Thursday comes and the bank has not yet provided a clear to close.

Because the clear to close must be received and signed three days prior to settlement, this puts us into the next week, or very close to moving into the next month.

A delay into the next month will cost the Buyer more money.  This, also, can have a domino effect as the Buyer may have to extend his lease or find alternate living arrangements.  The same could be true for the Seller.

The Buyer, the Seller, the Listing Agent, the Buyer's Agent, the title company, the appraiser, the surveyor, the abstractor, the insurer, the inspector, and so on have all done their jobs in sufficient time.  The only one for whom the deal is waiting is the lender.

The lender states that for reasons that are beyond its control, they need the extra time.

Everyone did their part but the lender, yet the lender is stating that the delay is beyond their control.

Real estate agents do many things to make deals close, many things which could be considered to be outside of what their scope of work should normally entail, but when it comes to the lender, everybody, usually, is at the mercy of the lender.

But, now, the lender says that it is beyond their control.

Who is in control?

For confidentiality reasons, the bank can not tell us what or who is the hold up.

It is difficult, if not impossible, and very frustrating to be a problem solver when you are not told what the problem is.

I know of one lender that is not likely to get any referrals from me.